Latest Interviews
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Clear all filters- Goldman Sachs25 min
‘Affordability’: Consumer Concerns and Government Proposals
David Mericle, Alec Phillips, Allison Nathan
Amidst a persistent housing affordability crisis driven by regulatory constraints and construction labor shortages, the administration has relied on reactive executive orders to utilize Fannie Mae and Freddie Mac capacity rather than enacting comprehensive legislative reforms. While these measures aim to modestly lower mortgage rates through increased mortgage-backed security purchases and a ban on institutional single-family home purchases, they fail to address the root causes of supply scarcity or deliver immediate price relief for homeowners. Future policy focus is expected to shift toward zoning incentives and speculative tariff rebates, though significant progress remains hindered by the need for congressional approval and the long-term nature of structural housing deficits.
- Goldman Sachs16 min
Will legal challenges end the trade war?
A three-judge panel of the U.S. Court of International Trade blocked most of President Trump's sweeping tariffs in a May 29, 2025 ruling, determining that the executive branch lacked the intelligible limits required to impose duties on Canada, China, and Mexico under the International Emergency Economic Powers Act. While the administration plans to appeal to the Supreme Court and may shift toward temporary Section 122 tariffs or sector-specific Section 301 investigations to maintain revenue, the decision significantly alters the legal landscape by invalidating the broad, unlimited authority claimed by the previous strategy. This pivotal judgment introduces substantial market uncertainty regarding future tariff levels and fiscal projections, as analysts anticipate a transition from across-the-board rates to more restrictive, country-specific measures.
- Goldman Sachs26 min
Tariffs: What’s ahead and why it matters
Alec Phillips, Joseph Briggs, Kamakshya Trivedi, Alison Nathan
Starting February 1, 2025, the administration implemented a 10% tariff on Chinese imports and delayed measures against Canada and Mexico while accelerating steel and aluminum duties to 25% with no exemptions. This unprecedented two-week escalation compresses trade war dynamics into a single window, projecting a mid-single-digit rise in effective U.S. tariff rates that could slow American growth by 25 basis points and push core inflation to 2.6% by year-end. As global central banks diverge with the Federal Reserve adopting a slightly hawkish stance, investors are increasingly hedging against dollar strength while anticipating a pivotal April 1 report on structural tariff mechanisms.